Can I get some thoughts about the Gold back notes becoming popular as individual STATE sanctioned currency? These are not the best way to invest in real Gold, I realize that, but they are beautiful artwork and I'm pretty enthralled with the concept. And I'd appreciate thought out comments.

I'd recommend purchasing only for the novelty of them if they intrigue you.

Yep, as far as investment goes, at this point. But the part about states accepting them as legitimate currency is interesting. I get that there's not enough gold in them to be bullion. But back when 90% silver coins were used the silver content was not worth as much as the coins, but people still accepted them as currency. States are doing this because of the declining value of the U.S. fiat currency. I think it's an interesting movement in the legislatures.

I hadn’t heard of this and looked it up, what I found was there’s 1/1000 of an ounce of gold per certificate, and right now it’s roughly 5 dollars per certificate, so I can see where they do at least have a value if everything collapse’s, but they engraving on them is really neat and I might look at some of them for that reason.

Al, it depends on how far back one goes.

Before Roosevelt removed the convertibility of US currency and coinage to gold, 20 dollars face in US silver coins were convertible into a 20 dollar pre 1933 gold coing.

My question was about the new State sanctioned Goldbacks. Eight states have now sanctioned them as legitimate currency, I think there are eight different denominations with varying amounts of Gold in them, and, the interesting part is the reason the States are doing this.

Al, I knew what you were referring too.

I believe they are just a novelty

In the future would they be exchanged at a bank or would they have to go through a coin dealer?

As soon as BRICS starts producing their gold backed currency I would convert some of my fiat currency into that.

That would be just more fiat games,,,

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I have never heard of the Goldbacks until I saw this thread. I have never liked gold very much, but these are pretty cool. I am not sure that I see them as a viable investment as the premium seem to be too high. But I may consider getting a few of the smaller denominations just to have them.

At this point you're right. I agree. It's still an interesting concept, and nice art.

I bought a couple when they first came out because I thought they were neat and not terrible expensive.

Now a 50 dollar gold back sells for right at 500 bucks. It has 1/20th of an ounce of gold. That's 10,000 dollars an ounce.

Just a novelty and all it'll ever be.

Cool art though.

You can get a free 1/2 goldback at https://freegoldback.com/.

I didn't want to post it til I actually got mine, but it showed up in the mail the other day. Took about a month to receive.

Do states hold gold reserves to back this currency?

The gold is in the currency. Just not enough to offset the high price.